On-chain data indicates that Bitcoin, XRP, and other leading cryptocurrencies have recently experienced significantly reduced whale activity compared to earlier in the year.
The 'Whale Transaction Count,' which tracks transfers worth $100,000 or more, shows diminished participation from these large entities. High metric values suggest active interest from whales, while low values indicate lack of attention.
Bitcoin and Ethereum saw high whale activity in March, coinciding with Bitcoin's all-time high. However, both have seen notable drops since, with recent counts at 60,000 for BTC and 32,000 for ETH.
XRP and Cardano had less whale activity in March but have also seen declines, indicating sector-wide reduced trading from whales. This lack of activity can lead to a more stagnant market as these large transactions drive volatility.
Bitcoin recently dropped to $57,000 but bounced back to around $59,000, reflecting the impact of these whale transaction trends on market prices.
